Investment banks are the drivers of India’s economy, assisting governments and corporations in raising capital, broking mergers and acquisitions (M&A), and funding big projects.
India’s strong IPO market in recent years and investments in infrastructure have been driven by large investment banking houses and financial sponsors. Through bringing in capital flows and intricate transactions, such investment banking firms drive sectors ranging from transport to technology and spur economic growth.
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For career-driven finance professionals, knowing the best investment banks in India is critical – these companies lead deals, provide learning experiences, and define the country’s capital markets. In this blog, let us dive into the top investment banking companies in India.
Top Investment Banks in India
1. J.P. Morgan Chase & Co.
History/Background: J.P. Morgan Chase is an American global bank (founded in 1871) and one of India’s top foreign investment banking houses. Its Indian subsidiary provides wholesale banking for big Indian corporates, new-economy companies, and financial institutions.
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In India, JP Morgan has received repeated industry awards – for example, it was voted “Best Foreign Bank” in India for three consecutive years.
Core Services: Mergers & acquisitions (M&A) advisory, equity and debt capital markets (IPOs and bond issues), asset management, and risk management solutions.
Notable Deals: JP Morgan was a significant advisor for Hyundai Motor India’s record $3.3$?billion IPO in 2024.
The organization regularly leads syndicates for major corporate financings and infrastructure projects.
Why is it considered a top investment bank?
JPMorgan’s international network and experience make it one of India’s leading investment banks. It uses its experience to raise capital and structure transactions in India’s rapidly growing economy, helping drive major IPOs and funding rounds.
2. Goldman Sachs
History/Background: Goldman Sachs is a New York-based global investment bank established in 1869. It officially opened an onshore presence in Mumbai in 2006 and subsequently invested significantly in India (more than $7?billion)
Now Goldman has large offices and tech centers in Mumbai, Bengaluru, and Hyderabad, employing thousands.
Core Services: Full-service investment banking (M&A and advisory), securities underwriting, trading, asset and wealth management, and technology-driven financial solutions.
Notable Deals: Goldman Sachs has had its hand in many high-profile deals. For instance, it has been an anchor investor in big startup IPOs and a lender to rapidly growing companies. (It was a large investor in FSN E-Commerce, the parent company of Nykaa.)
Why is it considered a top investment bank?
Goldman Sachs is among the largest investment banking firms in the world, renowned for strategic counsel and underwriting. It “provides strategic advice, underwriting securities, and managing assets for corporations, governments, and high-net-worth individuals,” with a leading role in financial markets.
Its efficient operations in India and brand reputation establish it as a top investment bank in India.
3. Morgan Stanley
History/Background: Morgan Stanley, established in the U.S. in 1935, is a large worldwide financial services organization that made a foray into India in 1994. Its Indian operation includes institutional securities (investment markets and banking) and wealth and investment management.
Core Services: Investment banking advisory (M&A, capital raising), equity capital markets (IPOs and follow-on issues), sales & trading, and wealth management for high-net-worth individuals and institutions.
Significant Deals: Morgan Stanley has been a part of various big Indian transactions. For example, it has acted as book-running lead manager in the Reliance Industries fund-raising and has guaranteed some major equity offers by Indian firms.
Why is it considered a top investment bank?
It is a leader in international reach and sector experience, and thus, Morgan Stanley routinely appears among the top investment banks advising Indian clients. It has a broad scope of financial products and services all over the world, and its India operations get to leverage the global reach. It experienced a leap in profit due to a surge in its investment banking business in 2024.
4. Citigroup (Citi)
History/Background: Citibank India is the Indian subsidiary of Citigroup, which has been doing business in India since 1902 (it started in Kolkata)
Through the decades, Citi has established itself as a significant player in India’s financial markets, working with corporate, government, and financial customers with the entire range of banking products and services.
Core Services: Corporate finance and advisory (M&A, restructuring), equity and debt capital markets, cash management, and treasury services for large institutions and corporations; asset management and wealth services.
Significant Transactions: Citi was listed together with JPMorgan to counsel Hyundai Motor India on its ~$3?billion IPO in 2024, marking its position in India’s largest capital-raising deals. It also counsels leading Indian conglomerates on cross-border transactions.
Why is it considered a top investment bank?
Citigroup’s long history and global network make it one of the prominent investment banks in India. Its established presence (with offices in Mumbai, Bangalore, Hyderabad, and beyond) and track record on multi-billion-dollar IPOs and financings (e.g., assisting Hyundai’s record IPO) keep it among India’s top IB firms.
5. Barclays Bank
History/Background: Barclays is a UK-based multinational bank whose investment banking division (Barclays Capital) has been present in India since 1990. Following the retreat from retail banking, Barclays India currently specializes in wholesale corporate banking and investment banking. It has been a profitable addition to the group’s Asia-Pacific revenues for years.
Core Services: Advisory on mergers & acquisitions, underwriting of equity and debt, corporate and project finance, and treasury solutions for corporate customers.
Notable Deals: Barclays has numerous top Indian industrial houses as its clients. It has amongst its investment banking client base names like the Tata Group, Aditya Birla Group, Essar, and Reliance Industries. It has counselled on deals in sectors including infrastructure, telecom and energy.
Why is it considered a top investment bank?
Barclays has long-time relationships with India’s largest corporate clients. As its CEO reported, “Barclays has always made money in the investment banking business” and its India IB unit has been one of the largest fee-generators in Asia-Pacific. Its deep execution skills on complicated corporate transactions and large roster of India client relationships make it a world-class global investment bank here.
Conclusion
India’s investment banking space is transforming at an evolving pace, fueled by globalization, innovation, and an increased need for strategic financial advice. The best investment banking firms, i.e. international giants like J.P. Morgan and Goldman Sachs are leading the way in creating this dynamic space. These best investment banks in India not only drive significant mergers, acquisitions, and capital raisings but also provide promising career prospects for future professionals. Whether you are a company seeking financial advice or an individual who wants to pursue a career in finance, knowing these investment banking companies is key to making smart choices and being ahead of the game in the competitive financial world.